Ease of doing business improves, says report

The number of days required for registration of new businesses in Nigeria has been reduced from 10 to two as a of a reform agenda put in place by the administration of President Muhammadu Buhari.

Besides, there is also now a 24-hour timeline for company registration from when application form is completed and all required documents made available.

Also, prospective business owners can now search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names, while company registration no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents.

These are among highlights of a report presented at a Presidential Enabling Business Environment Council (PEBEC), earlier yesterday at the Presidential Villa, marking the end of the 60-day Action Plan on Ease of Doing Business in Nigeria reforms.

The Council established by President Buhari is chaired by Vice President Yemi Osinbajo. But yesterday’s meeting was chaired by Transportation Minister Rotimi Amaechi, one of the several federal ministers who are Council members as the Vice President was busy with the work of the Presidential Investigative Panel.